More financial benefit from reverse mortgages

Homes with a value of up to $417,000 will now be used as a nationwide foundation for establishing the size of loans available from reverse mortgages, reflecting a more than doubled value compared to the $200,160 that had previously been the foundation used across a great deal of the country.

The idea behind reverse mortgages is to allow homebuyers 62 years and older to attain lines of credit or cash payments based on the equity in their homes. Repayment on the loan is not required providing the borrowers remain in their homes.